"We've had a solid start to the year. Our savings are coming in faster
than anticipated and we're performing better where it matters most, with
our customers and consumers in the marketplace," said Kraft Heinz CEO
Bernardo Hees. "But we still have a lot of work ahead. Consumption
trends in a number of our core categories remain challenging and we're
entering a critical phase in our North American supply chain
integration. As we implement our plans, we will keep our focus on
profitable growth while continuing to put our consumers first."

Q1 2016 Financial Summary

For the Three Months Ended

Year-over-year Change

April 3, 2016

March 29, 2015

Actual

Currency

Divestitures

Organic

(in millions, except per share data)

GAAP net sales

$

6,570

$

2,478

165.1

%

GAAP operating income

1,513

509

197.2

%

GAAP diluted EPS

$

0.73

$

0.24

204.2

%

Pro forma net sales(2)

$

6,570

$

6,830

(3.8

)%

(4.5) pp

(0.4) pp

1.1

%

Adjusted EBITDA(2)

1,951

1,609

21.3

%

Adjusted EPS(2)

$

0.73

$

0.53

37.7

%

Net sales were $6.6 billion, down 3.8 percent versus pro forma net sales
for the year-ago period, due to a negative 4.5 percentage point impact
from currency and a negative 0.4 percentage point impact from
divestitures. Organic Net Sales increased 1.1 percent versus the
year-ago period. Pricing increased 0.3 percentage points despite
deflation in key commodities in the United States and Canada(3),
primarily dairy and coffee. Volume/mix increased 0.8 percentage points
due to strong growth in condiments and sauces globally, Lunchables
and P3, and United States foodservice that was partially offset
by lower shipments of ready-to-drink beverages in the United States.

United States Segment Adjusted EBITDA increased 32.9 percent versus the
year-ago period to $1.5 billion, driven by gains from cost savings
initiatives and favorable pricing net of commodity costs that were
partially offset by volume declines in ready-to-drink beverages and
frozen nutritional meals.

Canada

For the Three Months Ended

Year-over-year Change

April 3, 2016

March 29, 2015

Actual

Currency

Divestitures

Organic

(in millions)

Pro forma net sales(2)

$

504

$

551

(8.5

)%

(10.0) pp

0.0 pp

1.5

%

Segment Adjusted EBITDA(2)

151

113

33.6

%

Canada net sales were $504 million, down 8.5 percent versus pro forma
net sales for the year-ago period, primarily due to a negative 10.0
percentage point impact from currency. Organic Net Sales increased 1.5
percent versus the year-ago period. Pricing increased 3.7 percentage
points, despite deflation in key commodities, due to significant pricing
to offset higher input costs in local currency. Volume/mix decreased 2.2
percentage points as growth in condiments and sauces was more than
offset by a decline in cheese due to reduced promotional activity versus
the prior year as well as lower coffee and foodservice shipments.

Canada Segment Adjusted EBITDA increased 33.6 percent versus the
year-ago period to $151 million, despite a negative 14.2 percentage
point impact from currency. Adjusted EBITDA growth was driven by gains
from cost savings initiatives and favorable pricing net of higher local
input costs that were partially offset by unfavorable volume/mix.

Europe

For the Three Months Ended

Year-over-year Change

April 3, 2016

March 29, 2015

Actual

Currency

Divestitures

Organic

(in millions)

Pro forma net sales(2,5)

$

553

$

626

(11.7

)%

(3.9

) pp

(4.1

) pp

(3.7

)%

Segment Adjusted EBITDA(2,5)

177

214

(17.3

)%

Europe net sales were $553 million, down 11.7 percent versus pro forma
net sales for the year-ago period, primarily due to a negative 4.1
percentage point impact from divestitures and a negative 3.9 percentage
point impact from currency. Organic Net Sales decreased 3.7 percent
versus the year-ago period. Pricing decreased 2.9 percentage points
primarily driven by increased promotional activity in soup and beans in
the UK versus the prior year. Volume/mix declined 0.8 percentage points
primarily due to lower shipments in infant nutrition in the UK and Italy
as well as soup in the UK, partially offset by growth in beans in the UK
as well as condiments and sauces across Europe.

Rest of World net sales were $798 million, down 15.6 percent versus pro
forma net sales for the year-ago period, due to a negative 26.0
percentage point impact from currency, including a negative 17.0
percentage point impact from the devaluation of the Venezuelan bolivar
in June 2015. Organic Net Sales increased 10.4 percent versus the
year-ago period. Pricing increased 2.1 percentage points, primarily
driven by pricing to offset higher input costs in local currency in
Latin America. Volume/mix increased 8.3 percentage points due to strong
growth in condiments and sauces across all regions as well as beverage
gains in Indonesia.

Rest of World Segment Adjusted EBITDA decreased 12.1 percent versus the
year-ago period to $167 million primarily due to a negative 38.2
percentage point impact from currency, including a negative 29.5
percentage point impact from the devaluation of the Venezuelan bolivar
in June 2015. Excluding the impact from currency, Adjusted EBITDA growth
was primarily driven by favorable volume/mix.

End Notes

(1)

Organic Net Sales, Adjusted EBITDA and Adjusted EPS are non-GAAP
financial measures. Please see discussion of non-GAAP financial
measures and the reconciliations at the end of this press release
for more information.

(2)

Pro forma net sales, Adjusted EBITDA and Adjusted EPS for the three
months ended March 29, 2015 include the operating results of Kraft
on a pro forma basis, as if Kraft had been acquired as of December
30, 2013. There are no pro forma adjustments for the three months
ended April 3, 2016 as Kraft and Heinz were a combined company for
the entire period. Please see discussion of the unaudited pro forma
condensed combined financial information at the end of this press
release for more information.

(3)

The Company's key commodities in the United States and Canada are
dairy, meat, coffee and nuts.

In the first quarter of 2016, the Company moved certain of the
historical Kraft export businesses from the Company's United States
segment to its Rest of World and Europe segments to align with its
long-term go-to-market strategies. This change resulted in the
reclassification of $83 million of pro forma net sales and $22
million of Adjusted EBITDA for the three months ended March 29, 2015
from the United States segment to the Rest of World segment.

(6)

Rest of World is comprised of three operating segments: Asia
Pacific; Latin America; and, Russia, India, the Middle East and
Africa ("RIMEA").

Webcast and Conference Call Information

A webcast of The Kraft Heinz Company's first quarter 2016 earnings
conference call will be available at ir.kraftheinzcompany.com.
The call begins today at 5 p.m. Eastern time.

ABOUT THE KRAFT HEINZ COMPANY

The Kraft Heinz Company (NASDAQ: KHC) is the fifth-largest food and
beverage company in the world. A globally trusted producer of delicious
foods, The Kraft Heinz Company provides high quality, great taste and
nutrition for all eating occasions whether at home, in restaurants or on
the go. The Company's iconic brands include Kraft, Heinz, ABC,
Capri Sun, Classico, Jell-O, Kool-Aid, Lunchables, Maxwell
House, Ore-Ida, Oscar Mayer, Philadelphia, Planters, Plasmon, Quero,
Weight WatchersSmart Ones and Velveeta. The Kraft
Heinz Company is dedicated to the sustainable health of our people, our
planet and our Company. For more information, visit www.kraftheinzcompany.com.

Forward-Looking Statements

This press release contains a number of forward-looking statements.
Words such as "anticipate," "remain," "enter," "implement," "position,"
"believe," "will," and variations of such words and similar expressions
are intended to identify forward-looking statements. Examples of
forward-looking statements include, but are not limited to, statements
regarding the Company's plans, investments, execution, growth and
integration. These forward-looking statements are not guarantees of
future performance and are subject to a number of risks and
uncertainties, many of which are difficult to predict and beyond the
Company's control.

Important factors that may affect the Company's business and operations
and that may cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, increased
competition; the Company's ability to maintain, extend and expand its
reputation and brand image; the Company's ability to differentiate its
products from other brands; the consolidation of retail customers; the
Company's ability to predict, identify and interpret changes in consumer
preferences and demand; the Company's ability to drive revenue growth in
its key product categories, increase its market share, or add products;
an impairment of the carrying value of goodwill or other
indefinite-lived intangible assets; volatility in commodity, energy and
other input costs; changes in the Company's management team or other key
personnel; the Company's inability to realize the anticipated benefits
from the Company's cost savings initiatives; changes in relationships
with significant customers and suppliers; execution of the Company's
international expansion strategy; changes in laws and regulations; legal
claims or other regulatory enforcement actions; product recalls or
product liability claims; unanticipated business disruptions; failure to
successfully integrate the Company; the Company's ability to complete or
realize the benefits from potential and completed acquisitions,
alliances, divestitures or joint ventures; economic and political
conditions in the nations in which the Company operates; the volatility
of capital markets; increased pension, labor and people-related
expenses; volatility in the market value of all or a portion of the
derivatives that the Company uses; exchange rate fluctuations;
disruptions in information technology networks and systems; the
Company's inability to protect intellectual property rights; impacts of
natural events in the locations in which the Company or its customers,
suppliers or regulators operate; the Company's indebtedness and ability
to pay such indebtedness; the Company's dividend payments on its Series
A Preferred Stock; tax law changes or interpretations; pricing actions;
and other factors. For additional information on these and other factors
that could affect the Company's forward-looking statements, see the
Company's risk factors, as they may be amended from time to time, set
forth in its filings with the Securities and Exchange Commission (the
"SEC"). The Company disclaims and does not undertake any obligation to
update or revise any forward-looking statement in this press release,
except as required by applicable law or regulation.

Unaudited Pro Forma Condensed Combined Financial Information

The unaudited pro forma condensed combined financial information (the
"pro forma financial information") presented in this release illustrates
the estimated effects of the merger (the "2015 Merger") consummated on
July 2, 2015 (the "2015 Merger Date") of Kraft Foods Group, Inc.
("Kraft") with and into a wholly-owned subsidiary of H.J. Heinz Holding
Corporation ("Heinz"), the related equity investments and common stock
conversion, the application of the acquisition method of accounting, and
conformance of accounting policies. The pro forma financial information
is presented as if the 2015 Merger had been consummated on December 30,
2013, the first business day of the Company's 2014 fiscal year, and
combines the historical results of Kraft and Heinz. For additional
information on the 2015 Merger, please refer to the Company's filings
with the SEC.

The pro forma financial information was prepared using the acquisition
method of accounting, which requires, among other things, that assets
acquired and liabilities assumed in a business combination be recognized
at their fair values as of the completion of the acquisition. The
Company utilized estimated fair values at the closing date of the 2015
Merger for the preliminary allocation of consideration to the net
tangible and intangible assets acquired and liabilities assumed. The
Company's purchase price allocation is substantially complete with the
exception of identifiable intangible assets, certain income tax accounts
and goodwill. During the measurement period, the Company will continue
to obtain information to assist in determining the fair value of net
assets acquired, which may differ materially from these preliminary
estimates.

The historical consolidated financial statements have been adjusted in
the accompanying pro forma financial information to give effect to
unaudited pro forma events that are (1) directly attributable to the
2015 Merger, (2) factually supportable and (3) expected to have a
continuing impact on the results of operations of the combined company.

The pro forma financial information has been prepared based upon
currently available information and assumptions deemed appropriate by
management. This pro forma financial information is not necessarily
indicative of what the Company's results of operations actually would
have been had the 2015 Merger been completed as of December 30, 2013. In
addition, the pro forma financial information is not indicative of
future results or current financial conditions and does not reflect any
additional anticipated synergies, operating efficiencies, cost savings
or any integration costs that may result from the 2015 Merger.

This pro forma financial information should be read in conjunction with
historical financial statements and accompanying notes filed with the
SEC. Certain reclassifications have been made to the historical Kraft
and Heinz results to align accounting policies and eliminate
intercompany sales in all periods presented.

Non-GAAP Financial Measures

To supplement the financial information, the Company has presented
Organic Net Sales, Adjusted EBITDA, and Adjusted EPS, which are
considered non-GAAP financial measures. The non-GAAP financial measures
provided should be viewed in addition to, and not as an alternative for,
financial measures prepared in accordance with accounting principles
generally accepted in the United States of America ("GAAP") that are
presented in this press release. The non-GAAP financial measures
presented may differ from similarly titled non-GAAP financial measures
presented by other companies, and other companies may not define these
non-GAAP financial measures in the same way. These measures are not
substitutes for their comparable U.S. GAAP financial measures, such as
net sales, operating income, diluted earnings per share, or other
measures prescribed by U.S. GAAP, and there are limitations to using
non-GAAP financial measures.

Management uses these non-GAAP financial measures to assist in comparing
the Company's performance on a consistent basis for purposes of business
decision making by removing the impact of certain items that management
believes do not directly reflect the Company's core operations.
Management believes that presenting the Company's non-GAAP financial
measures is useful to investors because it (i) provides investors with
meaningful supplemental information regarding financial performance by
excluding certain items, (ii) permits investors to view performance
using the same tools that management uses to budget, make operating and
strategic decisions, and evaluate historical performance, and (iii)
otherwise provides supplemental information that may be useful to
investors in evaluating the Company's results. The Company believes that
the presentation of these non-GAAP financial measures, when considered
together with the corresponding U.S. GAAP financial measures and the
reconciliations to those measures, provides investors with additional
understanding of the factors and trends affecting the Company's business
than could be obtained absent these disclosures.

Organic Net Sales is defined as net sales excluding, when they occur,
the impact of acquisitions, currency, divestitures and a 53rd
week of shipments. The Company calculates the impact of currency on net
sales by holding exchange rates constant at the previous year's exchange
rate, with the exception of Venezuela following the Company's June 28,
2015 currency devaluation, for which the Company calculates the previous
year's results using the current year's exchange rate. Organic Net Sales
for any period prior to the 2015 Merger Date includes the operating
results of Kraft on a pro forma basis, as if Kraft had been acquired as
of December 30, 2013. Organic Net Sales is a tool intended to assist
management in comparing the Company's performance on a consistent basis
for purposes of business decision making by removing the impact of
certain items that management believes do not directly reflect the
Company's core operations.

Adjusted EBITDA is defined as net income/(loss) from continuing
operations before interest expense, other expense/(income), net,
provision for/(benefit from) income taxes, depreciation and amortization
(excluding integration and restructuring expenses) (including
amortization of postretirement benefit plans prior service credits);
excluding, when they occur, the impacts of integration and restructuring
expenses, merger costs, unrealized losses/(gains) on commodity hedges,
nonmonetary currency devaluation, equity award compensation expense
(excluding integration and restructuring expenses), impairment losses,
and losses/(gains) on the sale of a business. Adjusted EBITDA for any
period prior to the 2015 Merger Date includes the operating results of
Kraft on a pro forma basis, as if Kraft had been acquired as of December
30, 2013. Adjusted EBITDA is a tool intended to assist management in
comparing the Company's performance on a consistent basis for purposes
of business decision making by removing the impact of certain items that
management believes do not directly reflect the Company's core
operations.

Adjusted EPS is defined as diluted earnings per share excluding, when
they occur, the impacts of integration and restructuring expenses,
merger costs, unrealized losses/(gains) on commodity hedges, impairment
losses, losses/(gains) on the sale of a business, nonmonetary currency
devaluation and timing impacts of preferred stock dividends. Adjusted
EPS for any period prior to the 2015 Merger Date includes the operating
results of Kraft on a pro forma basis, as if Kraft had been acquired as
of December 30, 2013. Management uses Adjusted EPS to assess operating
performance on a consistent basis.

See the attached schedules for supplemental financial data, which
includes the financial information, the non-GAAP financial measures and
corresponding reconciliations for the relevant periods.

Schedule 1

The Kraft Heinz Company

Condensed Consolidated Statements of Income

(in millions, except per share data)

(Unaudited)

For the Three Months Ended

April 3, 2016

March 29, 2015*

Net sales

$

6,570

$

2,478

Cost of products sold

4,192

1,631

Gross profit

2,378

847

Selling, general and administrative expenses

865

338

Operating income

1,513

509

Interest expense

249

201

Other expense/(income), net

(8

)

(39

)

Income/(loss) before income taxes

1,272

347

Provision for/(benefit from) income taxes

372

68

Net income/(loss)

900

279

Net income/(loss) attributable to noncontrolling interest

4

3

Net income/(loss) attributable to Kraft Heinz

896

276

Preferred dividends(1)

—

180

Net income/(loss) attributable to common shareholders

$

896

$

96

Basic shares outstanding

1,215

377

Diluted shares outstanding

1,225

399

Per share data applicable to common shareholders:

Basic earnings/(loss) per share

$

0.74

$

0.26

Diluted earnings/(loss) per share

0.73

0.24

*The consolidated statements of income for the three months ended
March 29, 2015 reflect the results of Heinz only, as the 2015 Merger
of Kraft and Heinz occurred on July 2, 2015.

(1) There were no cash distributions for Series A Preferred Stock
for the three months ended April 3, 2016, due to the fact that, in
connection with the December 8, 2015 Common Stock dividend
declaration, the Company was required to accelerate payment of the
Series A Preferred Stock dividend from March 7, 2016 to December 8,
2015.

Schedule 2

The Kraft Heinz Company

Pro Forma Condensed Combined Statements of Income

(in millions, except per share data)

(Unaudited)

For the Three Months Ended

April 3, 2016*

March 29, 2015

Net sales

$

6,570

$

6,830

Cost of products sold(1)

4,192

4,556

Gross profit

2,378

2,274

Selling, general and administrative expenses(2)

865

992

Operating income

1,513

1,282

Interest expense

249

305

Other expense/(income), net

(8

)

(56

)

Income/(loss) before income taxes

1,272

1,033

Provision for/(benefit from) income taxes

372

292

Net income/(loss)

900

741

Net income/(loss) attributable to noncontrolling interest

4

3

Net income/(loss) attributable to Kraft Heinz

896

738

Preferred dividends(3)

—

180

Net income/(loss) attributable to Kraft Heinz

$

896

$

558

Basic common shares outstanding

1,215

1,187

Diluted common shares outstanding

1,225

1,218

Per share data applicable to common shareholders:

Basic earnings per share

$

0.74

$

0.47

Diluted earnings per share

0.73

0.46

*There are no pro forma adjustments in the three months ended April
3, 2016 as Kraft and Heinz were a combined company for the entire
period. Refer to Schedule 8 for additional information on the pro
forma adjustments for the three months ended March 29, 2015.

(1) Integration and restructuring expenses in cost of products sold
were as follows: $181 million in the three months ended April 3,
2016 ($122 million after-tax), and $66 million in the three months
ended March 29, 2015 ($47 million after-tax).

(2) Integration and restructuring expenses in selling, general and
administrative expenses were as follows: $79 million in the three
months ended April 3, 2016 ($53 million after-tax), and $15 million
in the three months ended March 29, 2015 ($11 million after-tax).

(3) There were no cash distributions for Series A Preferred Stock
for the quarter ended April 3, 2016, due to the fact that, in
connection with the December 8, 2015 Common Stock dividend
declaration, the Company was required to accelerate payment of the
Series A Preferred Stock dividend from March 7, 2016 to December 8,
2015.

Schedule 3

The Kraft Heinz Company

Reconciliation of Pro Forma Net Sales to Organic Net Sales

For the Three Months Ended

(dollars in millions)

(Unaudited)

Pro FormaNet Sales

Impact ofCurrency

Impact ofDivestitures

Organic NetSales

Price

Volume/Mix

April 3, 2016*

United States

$

4,715

$

—

$

—

$

4,715

Canada

504

(55

)

—

559

Europe

553

(24

)

—

577

Rest of World

798

(71

)

—

869

$

6,570

$

(150

)

$

—

$

6,720

March 29, 2015

United States(1)

$

4,707

$

—

$

—

$

4,707

Canada

551

—

—

551

Europe(2)

626

—

27

599

Rest of World(1)

946

159

—

787

$

6,830

$

159

$

27

$

6,644

Year-over-year growth rates

United States(1)

0.2

%

0.0

pp

0.0

pp

0.2

%

0.1

pp

0.1

pp

Canada

(8.5

)%

(10.0

) pp

0.0

pp

1.5

%

3.7

pp

(2.2

) pp

Europe(1,2)

(11.7

)%

(3.9

) pp

(4.1

) pp

(3.7

)%

(2.9

) pp

(0.8

) pp

Rest of World(1)

(15.6

)%

(26.0

) pp

0.0

pp

10.4

%

2.1

pp

8.3

pp

(3.8

)%

(4.5

) pp

(0.4

) pp

1.1

%

0.3

pp

0.8

pp

*There are no pro forma adjustments in the three months ended April
3, 2016 as Kraft and Heinz were a combined company for the entire
period.

(1) In the first quarter of 2016, the Company moved certain of the
historical Kraft export businesses from the Company's United States
segment to its Rest of World and Europe segments to align with its
long-term go-to-market strategies. This change resulted in the
reclassification of $83 million of pro forma net sales for the
quarter ended March 29, 2015 from the United States segment to the
Rest of World segment.

(2) The Company increased Europe Organic Net Sales by $2 million
from the amount previously published for the quarter ended March 29,
2015 to reflect a correction to the Impact of Divestitures.

*There are no pro forma adjustments in the three months ended April
3, 2016 as Kraft and Heinz were a combined company for the entire
period.

(1) In the first quarter of 2016, the Company moved certain
historical Kraft export businesses from the Company's United States
segment to its Rest of World and Europe segments to align with its
long-term go-to-market strategies. This change resulted in the
reclassification of $22 million of Adjusted EBITDA for the quarter
ended March 29, 2015 from the United States segment to the Rest of
World segment.

*There are no pro forma adjustments in the three months ended April
3, 2016 as Kraft and Heinz were a combined company for the entire
period.

(1) In the first quarter of 2016, the Company moved certain
historical Kraft export businesses from the Company's United States
segment to its Rest of World and Europe segments to align with its
long-term go-to-market strategies. This change resulted in the
reclassification of $22 million of Adjusted EBITDA for the quarter
ended March 29, 2015 from the United States segment to the Rest of
World segment.

Schedule 6

The Kraft Heinz Company

Reconciliation of Pro Forma Diluted EPS to Adjusted EPS

(Unaudited)

For the Three Months Ended

April 3, 2016*

March 29, 2015

Pro forma diluted EPS

$

0.73

$

0.46

Integration and restructuring expenses

0.14

0.05

Merger costs

0.01

0.02

Additional preferred dividend in 2015(1)

(0.15

)

—

Adjusted EPS

$

0.73

$

0.53

*There are no pro forma adjustments in the three months ended April
3, 2016 as Kraft and Heinz were a combined company for the entire
period.

(1) There were no cash distributions for Series A Preferred Stock
for the quarter ended April 3, 2016, due to the fact that, in
connection with the December 8, 2015 Common Stock dividend
declaration, the Company was required to accelerate payment of the
Series A Preferred Stock dividend from March 7, 2016 to December 8,
2015. For purposes of calculating Adjusted EPS, the Company excluded
this additional preferred dividend payment paid in December 2015 for
the quarter ended January 3, 2016 and included it for the quarter
ended April 3, 2016.

(3) Represents the incremental change in interest expense resulting
from the fair value adjustment of Kraft's long-term debt in
connection with the 2015 Merger, including the elimination of the
historical amortization of deferred financing fees and amortization
of original issuance discount.